Cross-asset views on credit markets, macro dislocations, capital allocation, and geopolitical risk — written from the inside of a practitioner's balance sheet.
Sarva (सर्व) means "all" or "complete" in Sanskrit. Dhi (धी) means the highest faculty of discriminating intelligence — the inner light that sees through complexity to what is actually true. The word धी appears in the Rigveda's Gayatri Mantra, one of the oldest verses in human literature, where it is invoked as the illuminating force that sharpens the intellect.
Together, Sarvadhi means the complete discriminating view: the capacity to hold the whole picture across markets, geographies, and asset classes, and still find the signal within it.
Markets do not move in isolation. A stress fracture in private credit in New York has implications for Japanese regional bank lending. A supply chain disruption reshapes the earnings of Korean manufacturers. A shift in the Federal Reserve's posture ripples through GCC sovereign portfolios before it reaches the equity analyst's model.
Sarvadhi · Cross-asset practitioner seriesPrivate credit stress, BDC vulnerabilities, bank balance sheet analysis, and the structural implications of rate cycle transitions — read by a practitioner who has managed institutional credit from the inside.
Supply chain disruption, geopolitical realignment, and the investment implications of structural shifts in the global economic order — examined through a cross-asset, long-duration lens.
Where permanent capital should be positioned and why — including the case for GCC capital in Asia, the structural arguments for patient equity, and the frameworks that guide long-horizon allocation decisions.
Each piece is independent and self-contained. Taken together, they represent a consistent effort to see the whole picture clearly, and to draw from it the conclusions that matter for long-duration investors.
The GCC has built extraordinary wealth. The allocation of that wealth has not kept pace with its scale. Three Asian markets offer permanent capital precisely what Gulf portfolios are missing: structural diversification away from the hydrocarbon cycle, deep value at a governance inflection point, and a relational foundation that makes the allocation natural rather than foreign.
Private credit did not emerge from nowhere. It was summoned into existence by regulation, yield hunger, and a decade of central bank policy. The question is whether the architecture that built it can survive the cycle it has never actually faced.
Business Development Companies trade on public exchanges. Their portfolios do not. The gap between what the market thinks these assets are worth and what managers report is the most honest signal available about the health of private credit. The market is not comfortable.
In January 2007, the most important conference in structured credit convened in Las Vegas. I was managing a large institutional Agency MBS, SBA and IG/EM credit book through all of it. The sequence of what is happening now — the widening discounts, the PIK creep, the denial — feels uncomfortably familiar.